Thursday, October 18, 2007
The Dow lost 3 points on good volume. Advance/declines were about even again. One day before expiration. I really wanted to get some OEX calls for tomorrow but the risk isn't worth it, unless it works of course. We are oversold short term and I expect an up move in the averages either tomorrow or Monday. Who knows, maybe I'll buy some calls on the open tomorrow but I doubt it. We are holding the daily up trend line for now. We were down for most of the day in a sideways channel for the OEX. So we'll see. Gold just continues higher, up over $6 as the dollar hit fresh new lows. The XAU came back over 4 1/2 points and ABX rose around a dollar forty. The volume was good. NEM was up but the volume was lighter. The move here in gold is remarkable. We are overbought and have been for quite some time. I'm about to just get some calls and forget about it. The pullbacks never last. Technically, gold and the gold shares should have corrected by now. They don't and you can't argue with the market. It is always right. GE lost 20 cents on OK volume. I don't anticipate any trades there in the near term unless it really drops. GE is usually a slow mover. If that changes then you know you're on to something. Mentally I'm tired. No good sleep and the work involved here lately has been a lot. But that is no secret and it has to be done to even have a chance. On to expiration.
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